AI

Top 6 industries being touched and transformed by AI

Suparna Ghosh
Suparna Ghosh
Posted on 29 Aug 2022
18:32 PM

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Summary
Artificial Intelligence (AI) is a human intelligent process by the means of machines or to be very specific computer systems, allowing a more enhanced version of the human mind
Industries and businesses have also witnessed a huge growth in terms of capitalisation and marketing solely due to AI assistance

Alexa! Make a call to Dad

Alexa is unlike any technology you have seen. It is not just another tool to get your work done but it also gives you the feel of a human presence and that’s what artificial intelligence is about.

Artificial Intelligence (AI) is a branch of computer science that specifically deals with building smart machines with an interface that mimics the human mind. Ranging from self-driving cars to virtual doctors, AI is accelerating in no time.

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Former MIT professor of AI and computer science, Patrick Winston defined AI as “algorithms enabled by constraints, exposed by representations that support models targeted at loops that tie thinking, perception and action together.” Siri, Alexa, and other smart assistants have made people dependent on AI, immersing them more deeply into the digital world.

How is AI transforming the world into a completely digital space?

With AI gaining ground, people’s lives have become more efficient and smart. You cannot imagine a day without advanced AI applications like travel navigation, smart home assistants, and chatbot assistance. The world is now a digital space where virtual interaction is a new reality.

Industries and businesses have also witnessed a huge growth in terms of capitalisation and marketing solely due to AI assistance. The transformation of these sectors into a digital-friendly space is something to talk about. From healthcare to the agricultural industry, AI has given a whole new dimension to most sectors. For example, AI and robotics have increased efficiency and smart work.

Let’s talk about some of the major industries being completely transformed because of advancements in AI:

1. Manufacturing Industry

If we were to look at an industry that has seen immense change owing to AI, then it has to be the manufacturing industry. It is one of the first industries to make use of robots and automation systems. Look around the developments in this field and you will know why it is the fastest growing industry.

A report by McKinsey suggests that AI can improve forecasting accuracy in manufacturing by 10-20%, which translates to a 5% reduction in inventory costs and a 2-3% increase in revenues. Frankly, the application of AI in the manufacturing sector is a game-changer.

Recent applications of AI by BMW include the use of automated image recognition for quality checks, inspections, and eliminating defects. As a result of the changes, the German multinational manufacturer has been able to achieve higher levels of efficiency and precision in manufacturing.

Another company that has a vast application of AI is Porsche. They use autonomous guided vehicles (AGVs) to automate significant portions of automotive manufacturing. With the inclusion of AGVs, it takes vehicle body parts from one processing station to the next, eliminating the need for human intervention and making the facility resilient to disruptions.

2. Financial Industry

With AI advancing in this industry, financial transactions and dealings are now at your fingertips. In the banking sector, handling data and dealing with customers can be a headache, but with AI handling customer interaction at the primary stages, the whole work is simplified, making customer interaction a breeze.

Undoubtedly, AI has proved to be a valuable asset to the financial sector. With chatbots equipped with NLP (Natural Language Processing), customers expecting immediate replies can be attended to with minimum involvement of human personnel. Chatbots can also help in opening new accounts and directing complaints to appropriate customer service units, among other services.

Phishing is one of the cyber crimes that has increased rapidly over time. With the alarming increase in fraud and illegal money transactions and ever-changing fraud patterns, enhanced AI components are being added to the systems to enable the identification of previously undetected illegal or suspicious transactional patterns, data anomalies, etc., making digital financial transactions more secure.

3. Retail and Customer Service

AI has made a significant contribution to the retail industry. As digital and physical marketplaces come together, retailers are able to offer the same level of interaction irrespective of whether a consumer is physically visiting a store or shopping online.

Talking about some of the major developments in this industry through AI, the Interactive chat facility is enjoyed by consumers and customers across digital and e-commerce platforms. The engagement through these various chat programs is huge. These bots use AI and machine learning to chat with customers, answer common questions, and direct them to helpful answers and outcomes, collecting valuable customer data that is again used for targeting and other business purposes.

Conversational Support offered by AI also helps customers by answering their queries or redirecting them to human experts as and when needed.

4. Advertising Industry

The use of surveys and feedback forms to generate customer responses gives your brand an edge in the competitive market. AI takes this up a notch. With the assistance of AI, customer preferences, behavioural patterns, browsing habits and all other consumer data collected can be turned into valuable insights that can help advertising companies easily improvise on the ideas of brand advertisements, giving the brand proper clarity and reach.

With the help of AI, one can also get a much more comprehensive idea about the demographics and consumer behaviour, so that the targeting of ads is more relevant and leads to higher rates of engagement and conversion.

5. Agricultural Industry

Agriculture, the second largest industry in the world and specialists in the field are now using AI to speed up agricultural production. Autonomous robot programmes are being developed to deal with routine agricultural tasks to assist human workers. AI has led to the use of robots or robotic machines to enable bulk harvesting in less time. Deep learning algorithms to process data captured by drones are also used to monitor the crops and the quality of the soil. It is surprising how AI has become an integral part of agriculture.

The most popular applications of AI in agriculture range from robotics to crop management and from soil monitoring to comprehensive analysis.

6. Healthcare Industry

The healthcare industry is another field where AI has been a major contributor. Today, robots are commonly used to conduct critical surgeries because they are more accurate and efficient and remove the element of human error. Quality of diagnosis and treatment plans have also improved significantly with the implementation of varied AI technologies in the medical sector.

The contribution of AI in healthcare also extends to research and development where robots and machines are constantly assisting scientists and experts to analyse the data at hand and come up with better treatment plans, solutions, vaccines, diagnoses, etc. AI is also evident in the latest advanced monitoring machines that we often see in hospitals, particularly in critical care units.

Artificial Intelligence has transformed the lives of many and has become a game-changer across industries like manufacturing, retail, agricultural, medical, finance and advertising. AI is likely to emerge as the main driver and will continue to act as a technological innovator for the foreseeable future.

Last updated on 29 Aug 2022
18:32 PM
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